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| ICM PAKISTAN MARKETS AND REGULATIONS EXAM |
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The ICM, to encourage skill enhancement of intermediaries, has designed "Analyst Certification Program" (ACP) for professionals / investment advisers at NBFCs, research firms and brokerage houses, providing investment advice or managing investment portfolios on behalf of clients.
ACP is a two component program:
Module I: "Pakistan Markets & Regulations" Component
Module II: "Professional Component" (CFA Level-I, etc.)
ICM will conduct the exams of ACP’s Module I which is a local module comprising elements of local practice and regulations. ICM is also currently in the course of developing indigenous course as an alternative to the foreign qualifications in Module II of ACP.
All existing and new entrants in the business of providing investment advice as Research Analysts (Buy and Sell side), Investment Managers, Investment Advisers or Supervisory Analysts will be required to have ACP Certification. Initially ACP will be offered as a voluntary educational qualification and is intended to be made a mandatory qualification for individuals who want to engage themselves as analyst with market intermediaries.
The ACP certification could be taken by every one irrespective of academic qualifications, age, employment or experience. However, the mandatory application would be on the ‘Financial or Research or Security Analyst’ working for:
- Brokerage house dealing in debt or equity securities
- Asset Management and Investment Advisory Companies
The ICM's Analyst Certification Program (ACP) is a two component program and local component of ACP (Part-I), “Pakistan Market and Regulators” is a stand alone program to familiarize the professionals holding foreign qualification with the Pakistan’s domestic laws and regulatory framework. ACP is constituted of two parts and both the parts are integral to the ACP certification.
The ACP is intended primarily towards the professionals who undertake the following tasks:
Analysis of financial statements, market trends, commodity prices, sales, costs, expenses, tax rates etc.,
and projects future earnings and cash-flows of business enterprises; and
Interprets data concerning price, yield, stability, and future trends in investment risks and economic
influences pertinent to investments; and
Recommend investment/disinvestment for a particular instrument of individual companies to individuals,
the public in general, organizations or to the staff of an financial services establishment; and
Sign off prospectuses of securities offered for public subscription and research reports.
It covers the concepts of financial markets regulatory framework, operational aspects of the local financial markets.
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| OBJECTIVE OF THE EXAMINATION |
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This Certification Exam is specifically designed to meet the minimum qualification needs of the Research Analysts working either directly with a fund management company or the equity brokerage houses.
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| TARGET AUDIENCE |
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This exam is mandated for Research Analysts in Fund Management Companies and Equity Brokerage Houses.
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| SYLLABUS STRUCTURE |
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The unit is divided into elements. These are broken down into a series of learning objectives. Each learning objective begins with one of the following prefixes: know, understand, be able to calculate and also be able to apply. These words indicate the different levels of skill to be tested. Learning objectives prefixed:
know require the candidate to recall information such as facts, rules and principles
understand require the candidate to demonstrate comprehension of an issue, fact, rule or principle
be able to calculate require the candidate to be able to use formulae to perform calculations
be able to apply require the candidate to be able to apply their knowledge to a given set of circumstances in order to present a clear and detailed explanation of a situation, rule or principle
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| EXAMINATION SPECIFICATION |
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Each examination paper is constructed from a specification that determines the weightings that will be given to each element. The specification is given below.
It is important to note that the numbers quoted may vary slightly from examination to examination as there is some flexibility to ensure that each examination has a consistent level of difficulty. However, the number of questions tested in each element should not change by more than plus or minus two.
Examination Specification
100 multiple choice questions |
| Element number |
Element |
Questions |
| 1 |
History of Pakistan’s Capital Markets |
5 |
| 2 |
SECP Role and Functions |
10 |
| 3 |
SBP Role and Functions |
10 |
| 4 |
Stock Exchange Regulations |
15 |
| 5 |
CDC and NCCPL Regulations |
15 |
| 6 |
Commodities Exchange and Future Contracts Rules regulation |
5 |
| 7 |
Market Instruments in money and debt markets |
5 |
| 8 |
Laws/Guidelines related to Capital Markets |
10 |
| 9 |
Laws/Guidelines related to Capital (Equity, TFCs, other Fixed Income Securities) |
10 |
| 10 |
Ethics and Professional Standards |
5 |
| 11 |
Income Tax Regime in Pakistan |
5 |
| 12 |
Foreign Exchange Regulations |
5 |
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Total |
100 |
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| ASSESSMENT STRUCTURE |
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This will be a one-hour examination of 100 multiple choice questions. All questions will carry equal marks. There will be no negative marking.
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| SUMMARY SYLLABUS |
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To download the summary syllabus of ICM Pakistan Markets and Regulations Exam, please click here.
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